🏦 Stablecoins go Institutional

Welcome to the second edition of Stableview - a weekly roundup of what matters in the world of stablecoins: news, adoption, regulation, and tech.

In today’s edition:

• Tether preps a U.S.-based stablecoin tailored for institutions

• Circle expands USDC utility bringing stablecoins closer to real-world payments

• USYC now supported as off-exchange collateral for Binance institutional clients

• Ripple’s RLUSD sees strong retail growth on XRPL via Xaman and Transak

• Circle & Red Dot to make USDC spendable at 130M+ merchants in 100 countries

• Japan’s MUFG tokenizes a $681M Osaka high-rise, expanding real-world asset access

⚡️ Quick News:

• USYC is now supported as off-exchange collateral for Binance institutional clients, unlocking more capital efficient yield with tokenized U.S. Treasuries. [Link]

• WisdomTree reveals its stablecoin play: USDW (soon WUSD) for payments, WTGXX for yield. Bridging tokenized funds and stablecoins for both retail and issuers. [Link]

• Ripple's RLUSD stablecoin, originally meant for enterprises, is now seeing strong retail growth through wallets like Xaman and Transak. 88% of its $557M supply is on Ethereum, but over 90% of its 34,160 users are on XRPL. [Link]

• Circle teams up with Red Dot to make USDC spendable at over 130 million merchants across 100 countries, pushing stablecoins deeper into real-world payments. [Link]

• Japan’s largest bank MUFG is tokenizing a $681M Osaka high-rise to offer real estate to retail and institutional investors, showing growing momentum in Japan’s digital securities market led by real estate. [Link]

🌍 Real-World Adoption 

Tether to Launch U.S.-Based Institutional Stablecoin

What’s happening:
Tether is planning a new U.S.-compliant stablecoin built specifically for institutions like banks, hedge funds, and corporates. This new product will be separate from USDT, which will continue serving users in emerging markets. Why Tether is doing this:

• Different use cases: USDT is widely used for savings, trading, and remittances in emerging markets but it doesn’t meet the compliance and audit needs of U.S. institutions.

• Strategic expansion: By offering a regulated alternative, Tether can finally enter the U.S. market, which it currently avoids due to compliance risks.

⚙️ What will be different about this stablecoin:

• Targeted at institutions: Focused on interbank settlements, treasury management, and tokenized asset infrastructure.

• Higher compliance: Built under U.S. state or federal regulation, with enhanced KYC/AML, transparency, and reserve disclosures.

• Not replacing USDT: This will coexist with USDT - not compete with it.

✅ Benefits:

• Bridges TradFi and crypto: Helps institutions interact with digital assets in a compliant way.

• Could unlock real-world use: Enables faster cross-border payments, automated settlements, and trusted on-chain financial flows.

• Pushes industry standards: Increased pressure on others (including Tether) to secure full audits, improve disclosures, and meet regulatory expectations.

⚠️ Risks & Challenges:

• Tether's trust gap: Tether still lacks a full audit, while competitors like Circle (USDC) have Big Four audit partnerships.

• Stiff competition: Circle, PayPal, and others are already moving fast with U.S.-compliant offerings.

👥 What this means for everyday users:

• If you're a retail user in emerging markets, nothing changes - USDT remains your go-to.

• For U.S. institutions, this could be the start of finally using on-chain dollars with full compliance.

• For everyone else, it signals growing legitimacy of stablecoins in traditional finance and possibly better on/off ramps, payment rails, & financial tools down the line.

⚖️ Regulation Watch: : 3 countries, 3 signals

🇰🇷 South Korea: Defending the won

South Korea is accelerating legislation to support won-denominated stablecoins by year-end. Lawmakers see the rise of USD-based stablecoins as a risk to currency sovereignty, especially as global digital payments go mainstream.

What it means: Expect government-approved KRW stablecoins that could serve as regulated alternatives to USDT/USDC - especially for domestic commerce and remittances.

🇺🇸 United States: Draft bill defines a new digital asset class

The U.S. Senate released a draft bill that proposes a new asset category for crypto, alongside clearer roles for the SEC and CFTC. It also invites public feedback, signaling a move toward inclusive policymaking.

What it means: If passed, this could bring long-awaited clarity for stablecoins and altcoins. A big win for builders, but possibly a wave of new compliance hurdles too.

🇭🇰 Hong Kong: Regulated, but limited

Hong Kong’s HKMA confirmed that only a handful of stablecoin licenses will be granted when new rules kick in on August 1. Requirements are strict: AML compliance, strong governance, and full fiat backing.

What it means: HK wants to lead as a regulated hub, but entry will be expensive and slow. Profitability for early issuers may be limited, but the regulatory approval could open big institutional doors.

🔍 Takeaway:

From Asia to the U.S, regulators are no longer debating whether stablecoins should exist - they’re now shaping how they do. Expect clearer lanes for compliant players and tougher scrutiny for everyone else.